1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
CLST
Event Date
2021-10-12
Sector
Financials
Subsector
Banks
Offer Range
—
Shares Offered
5.29M
5.29M
$52.9M
100.0%
Implied Upside vs Midpoint
Description
Catalyst Bancorp, Inc., is a Louisiana corporation which was incorporated by St. Landry Homestead Federal Savings Bank in February 2021. The offering of common stock by means of this prospectus is being made by Catalyst Bancorp in connection with the conversion of St. Landry Homestead Federal Savings Bank from a mutual savings bank to a stock savings bank. Upon completion of the conversion, Catalyst Bancorp will become the bank holding company for St. Landry Homestead Federal Savings Bank by owning all of the outstanding shares of capital stock of St. Landry Homestead Federal Savings Bank. As a bank holding company, Catalyst Bancorp will be regulated by the Federal Reserve Board. To date, Catalyst Bancorp has engaged in organizational activities only. Following the conversion, Catalyst Bancorp’s primary business activity will relate to owning all of the outstanding shares of capital stock of St. Landry Homestead Federal Savings Bank. Currently, the depositors of St. Landry Homestead Federal Savings Bank are deemed to be its members and have voting rights as to all matters requiring membership action. Upon completion of the conversion, St. Landry Homestead Federal Savings Bank will cease to have members and former members will no longer have voting rights. Upon completion of the conversion, all voting rights in St. Landry Homestead Federal Savings Bank will be vested in Catalyst Bancorp as the sole shareholder of St. Landry Homestead Federal Savings Bank. The shareholders of Catalyst Bancorp will possess exclusive voting rights with respect to Catalyst Bancorp common stock. St. Landry Homestead Federal Savings Bank St. Landry Homestead Federal Savings Bank is a federally-chartered mutual savings bank that serves the banking needs of customers in our market area in the Acadiana region of south central Louisiana. We operate from our headquarters and main banking office in Opelousas, Louisiana, as well as three additional full service branch offices located in St. Landry Parish (including a newly constructed branch opened in July 2019) and one branch office located in Lafayette Parish, Louisiana, which was opened in October 2020. Our primary business activity is attracting deposits from the general public and using those funds primarily to originate loans and purchase investment securities. We are subject to comprehensive regulation and examination by the Office of the Comptroller of the Currency. At March 31, 2021, we had total assets of $236.7 million, total deposits of $176.7 million and equity of $50.4 million. St. Landry Homestead Federal Savings Bank dates its founding to 1922. We have operated as a traditional savings bank focused primarily on serving the banking needs of customers in St. Landry Parish and its environs. Historically, our lending focus has been on making long-term loans to individuals secured by first mortgages on the borrower’s residence. At March 31, 2021, $95.1 million, or 65.1% of our total loan portfolio, consisted of one- to four-family residential mortgage loans. In recent periods, our growth has been relatively limited. Our total assets amounted to $236.7 million at March 31, 2021, a $12.1 million, or 5.4%, increase compared to December 31, 2020. Our net loans receivable decreased by $5.8 million, or 3.9%, during the three months ended March 31, 2021 and by $12.8 million, or 7.9%, during 2020. We have undertaken a revised business strategy designed to make St. Landry Homestead Federal Savings Bank a more dynamic community bank with an enhanced emphasis on serving the banking needs of small- to mid-sized businesses and professionals located in the bank’s current market areas and surrounding areas, while continuing to serve our traditional customer base. We expect to focus on moderately growing our asset size, improving and diversifying our loan and deposit products and services to facilitate growth in our business and professional customer base and targeting expansion opportunities in Lafayette Parish and other areas that we serve in the Acadiana region of south central Louisiana. In August 2020, we hired Joseph B. Zanco as President and Chief Executive Officer of St. Landry Homestead Federal Savings Bank in order to spearhead our efforts. Mr. Zanco has nearly 20 years experience as a community bank executive including over 12 years serving as Executive Vice President and Chief Financial Officer of a Lafayette based bank holding company which successfully completed its initial public stock offering, acquired five other institutions and grew to $2.5 billion in total assets during his tenure. Since joining St. Landry Homestead Federal Savings Bank, Mr. Zanco has enhanced the executive management team by hiring a Chief Credit Officer with over 20 years banking experience and two new commercial bankers. We believe that these recent hires, together with the anticipated successful completion of our mutual-to-stock conversion, will provide a strong foundation for us to achieve our business strategy. --- Our headquarters and main banking office is located at 235 N. Court Street, Opelousas, Louisiana. Our website address is www.stlandryhomestead.com.
Catalyst Bancorp, Inc. annual income statement and balance sheet, FY 2022 to FY 2025, as reported in SEC filings.
| Metric | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Net income | $180K | — | ($3.1M) | $2.1M |
| Metric | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Total assets | $263M | — | $277M | — |
| Total liabilities | $175M | — | $196M | — |
| Total equity | $88.5M | $84.6M | $80.2M | — |
| Cash & equivalents | $13.5M | $19.0M | $44.3M | — |